A significant shift in Tasmanian economic policy has emerged as the Parliament passes a pivotal amendment bill for the Tasmanian Development Board (TDR). This new legislation will significantly enhance the Board’s capacity to co-invest in strategic projects, raising the cap to an impressive $35 million.
Premier Jeremy Rockliff, who championed the bill, emphasised its alignment with the 2030 Strong Plan for Tasmania’s Future. He explained that the increase in co-investment capability is crucial as Tasmania navigates both national and international economic challenges. By expanding the financial limits on TDR’s co-investment power, the Government aims to invigorate the local economy, generate employment, and bolster Tasmania’s status as a welcoming environment for business.
“The Tasmanian Development Board will now have the means to back more ambitious projects,” Rockliff stated. “With this amendment, we’re setting the stage for a new wave of investment opportunities. It provides TDR with the flexibility needed to support larger-scale projects, which will be instrumental in enhancing our economy and creating new jobs.”
The changes come as a response to growing economic pressures and a drive to maintain Tasmania’s appeal as a business-friendly locale. By allowing TDR to co-invest up to $35 million in individual projects, the bill addresses the need for greater funding flexibility in an increasingly competitive market.
The Premier highlighted that this new capacity will enable TDR to operate more efficiently while keeping key decision-making under the oversight of the relevant Minister. This balance aims to ensure both increased operational agility and continued strategic oversight.
Steve Old, Chief Executive Officer of the Tasmanian Hospitality Association, welcomed the development. He pointed out that the increased co-investment capacity will be beneficial for businesses across the state. “This move will help foster confidence among business operators and encourage further investment,” Old remarked. “It’s a positive step that aligns with the Government’s commitment to economic growth and job creation amid challenging economic conditions.”
The Government’s focus on economic resilience is evident in its broader strategy. The new amendments are part of a series of actions aimed at strengthening Tasmania’s economic foundation and creating a robust, resilient community. Rockliff underscored that this initiative reflects the Government’s dedication to supporting investment and growth in Tasmania.
“By increasing TDR’s capacity, we are sending a clear message that Tasmania is open for business,” Rockliff said. “It’s about creating opportunities and building a stronger, more resilient economy that benefits all Tasmanians.”
The passage of this amendment bill represents a significant step forward in Tasmania’s economic strategy, positioning the state to better manage and leverage investment opportunities. With this increased capacity, the Tasmanian Development Board is poised to play a crucial role in driving the state’s economic future.
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